EB Daily Market Report - Friday, May 29, 2026

Dear Members.

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Dell's blowout numbers gave the bulls even more fuel for powering the market higher with all major indexes hitting fresh record highs.

The argument that the market is technically overbought seems to carry less weight these days, witness the $VIX in the mid 15's as trader confidence remains high. It's true that the combination of overbought technicals and extreme complacency often marks a near-term high and that may prove to be the case. But right now traders seem to be chomping at the bit for lower prices with any pullbacks being gobbled up.

Easing tensions with Iran are also seen as a positive with both oil and interest rates retreating from recent highs. And today's Chicago PMI reading was much higher than expected giving some credence to the boost in US manufacturing.

We're getting ready to close out the month of May with the S&P gaining over 5% and the NASDAQ up almost 9%. In other words, a great month for the bulls.

The S&P got as high as 7599 today so this is now the new level of resistance. Should we see profit taking there is both price and technical support right around 7400.

Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins